Iovance Biotherapeutics Inc (NASDAQ:IOVA) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 8,209,829 shares, an increase of 42.7% from the August 15th total of 5,751,642 shares. Based on an average trading volume of 1,274,356 shares, the short-interest ratio is presently 6.4 days. Approximately 9.3% of the shares of the company are short sold.
A number of research firms recently weighed in on IOVA. HC Wainwright set a $22.00 price objective on shares of Iovance Biotherapeutics and gave the stock a “buy” rating in a report on Thursday, September 6th. Zacks Investment Research cut shares of Iovance Biotherapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, July 18th. Chardan Capital reissued a “buy” rating and set a $30.00 target price on shares of Iovance Biotherapeutics in a research note on Friday, July 6th. Finally, BidaskClub raised shares of Iovance Biotherapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, June 27th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Iovance Biotherapeutics currently has a consensus rating of “Buy” and a consensus target price of $22.69.
Iovance Biotherapeutics stock opened at $13.40 on Friday. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of -9.40 and a beta of 2.70. Iovance Biotherapeutics has a 52 week low of $6.60 and a 52 week high of $19.90.
Iovance Biotherapeutics (NASDAQ:IOVA) last released its earnings results on Monday, August 6th. The biotechnology company reported ($0.34) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.32) by ($0.02). equities research analysts forecast that Iovance Biotherapeutics will post -1.32 earnings per share for the current year.
Institutional investors have recently added to or reduced their stakes in the business. TD Asset Management Inc. increased its stake in Iovance Biotherapeutics by 29.3% during the 2nd quarter. TD Asset Management Inc. now owns 98,800 shares of the biotechnology company’s stock valued at $1,265,000 after buying an additional 22,400 shares during the period. Creative Planning boosted its position in shares of Iovance Biotherapeutics by 70.8% during the 2nd quarter. Creative Planning now owns 19,650 shares of the biotechnology company’s stock valued at $252,000 after purchasing an additional 8,145 shares in the last quarter. Suffolk Capital Management LLC boosted its position in shares of Iovance Biotherapeutics by 20.6% during the 2nd quarter. Suffolk Capital Management LLC now owns 37,827 shares of the biotechnology company’s stock valued at $484,000 after purchasing an additional 6,456 shares in the last quarter. C WorldWide Group Holding A S bought a new position in shares of Iovance Biotherapeutics during the 2nd quarter valued at about $4,934,000. Finally, Ontario Teachers Pension Plan Board bought a new position in shares of Iovance Biotherapeutics during the 2nd quarter valued at about $398,000. 87.14% of the stock is currently owned by hedge funds and other institutional investors.
About Iovance Biotherapeutics
Iovance Biotherapeutics, Inc, a clinical-stage biotechnology company, focuses on developing and commercializing cancer immunotherapy products to harness the power of a patient's immune system to eradicate cancer cells. The company's lead product candidate is LN-144, an adoptive cell therapy that is in Phase II clinical trial using tumor-infiltrating lymphocytes (TIL), which are T cells derived from patients' tumors for the treatment of metastatic melanoma.
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